The Fourth Line Philosophy

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By Joel Ronchi, COO, 30th May 2022

Fourth Line believes it is time to reimagine compliance.

It is time for compliance to become proactive and strategically agile.

For too long, compliance has been a “one size fits all” backward looking “cop on the beat”. Not engaging and working with advisers, but rather interrogating past mistakes.

Fourth Line believes compliance is an advice enabler. Compliance is a tool for licensees and advisers to collaborate and cooperate, with the express purpose of helping to improve the quality of advice to ordinary Australians.

The Fourth Line Quality Advice and Risk Management (QARM) system helps Licensees and Advisers build trust and deepen relationships with their clients through quality advice.

Fourth Line identifies advice related issues before they become unavoidable problems. By interrogating the advice at the point of creation (before the SOA is presented), issues are fixed, problems are avoided, and breaches averted. This builds trust with clients, enhances the reputation of the advice firm, and avoids costly client remediation programs.

Licensees also use Fourth Line for critical “due diligence” programs, reviewing SOAs at scale to ensure any advisers joining the licensee network are of the highest quality, proven by the track record of their advice.

Fourth Line complements existing compliance frameworks. It does not replace them. Fourth Line uses algorithmic approaches to simplify the complexity in advice reviews, supported by expert human oversight. This empowers compliance teams to coach and develop strong advice behaviours through data driven insights at the adviser level, the licensee level, and enables industry benchmark comparisons.

Now is the time to reimagine compliance.

As the industry moves to a profession, so too compliance must become agile, proactive, and forward looking – mitigating financial risks associated with breach reporting and general licensee obligations for the benefit of all – the licensee, the adviser, and the client.

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Fourth Line is a rigorous RegTech risk management and compliance system for advice practices, dealer groups and other wealth management participants. Fourth Line uses algorithmic approaches to simplify the complexity in advice reviews whilst maintaining human oversight, empowering compliance teams to coach and develop strong advice behaviors through data driven insights from advanced analytics for adviser, practice/dealer group and industry benchmark comparison with centralised document storage and access to meet regulatory needs.

For information email: info@fourth-line.com.au

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Fourth Line boosts team to meet surge in demand

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By David Travers, CEO, 27^th August 2020

Media Release

RegTech boosts team to meet surge in demand

Fourth Line, one of Australia’s leading RegTech risk management and compliance systems for financial advice, today announced a boost to its team with the engagement of Joel Ronchi from myIntegrity in Practice to assist with delivering its services to licensees and advisers.

Fourth Line CEO David Travers commented, “Joel brings a tremendous amount of ‘real world’ experience to the team. His engagement will help strengthen Fourth Line’s ability to services its clients and to provide practical advice on implementation. Our approach is uniquely bionic in that it combines state of the art Artificial Intelligence (AI) with high-calibre personal oversight from industry professionals, such as Joel.”

Fourth Line recognises that rising regulatory compliance demands pose a significant threat to licensees and advisers. Fourth Line’s bionic compliance approach enables complex, subjective, principle-based advice legislation to be addressed systematically in conjunction with human oversight. Fourth Line’s focus is on helping Licensee and Adviser compliance teams improve the overall quality of advice.

“Our philosophy is that the compliance team becomes a coaching team. The reality is that each piece of advice for each client represents a risk to a Licensee. This is an onerous task for compliance officers to check through manually. It becomes a reactive, almost adversarial approach, to Adviser management. No-one wins.” Travers said.

The Fourth Line delivers insights and analytics that enable compliance officers to become “Advice Coaches” and work with their Advisers to manage risk and identify areas for improvement. This proactive approach allows Licensees and Advisers to demonstrate to the Regulator (ASIC) that the clients’ best interests are being met through the provision of appropriate advice that prioritise the client’s interest.

“Financial advisers and Licensees are getting hit from all sides – regulatory, compliance, the FASEA Standards, Adviser Exam and Higher Education requirements. I speak with Advisers and Licensees every day, with many feeling overwhelmed by the amount of change currently taking place,” Ronchi said.

“My purpose over the last few years has been to help Advisers and Licensees “filter out and distil” the noise and confusion regarding the FASEA Standards and help the industry evolve in to a profession so Advisers can focus on what’s important – providing quality advice to ordinary Australians so they can achieve their dreams and have security in retirement,” Ronchi said.

A key component in this challenge is improving the advice process in the face of increasing regulation and compliance oversight. “Compliance should be an enabler of advice – not a cop on the beat”, explains Ronchi.

For information email: info@fourth-line.com.au

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